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Optibase Ltd. Announces Third Quarter Results

Stocks in this article: OBAS

Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the third quarter ended September 30, 2012.

Revenues from fixed income real estate totaled $3.3 million for the quarter ended September, 2012, compared to revenues of $4 million for the third quarter of 2011 and $3.4 million for the second quarter of 2012.

Net Income for the third quarter ended September 30, 2012 was $464,000 or $0.12 per basic and diluted share, compared to a net loss of $1.2 million or $0.31 per basic and diluted share for the third quarter of 2011 and to a net loss of $289,000 or $0.08 per basic and diluted for the second quarter of 2012.

Weighted average shares outstanding used in the calculation for the periods were approximately 3.8 million basic and diluted shares.

For the nine months ended September 30, 2012, revenues totaled $10.2 million, compared with $9.1 million for the nine months ended September 30, 2011. Net income was $1 million or $0.28 per basic and diluted share, compared to a net loss of $23,000 or $0.01 per basic and diluted share for the nine months ended September 30, 2011.

Weighted average shares outstanding used in the calculation were approximately 3.8 million basic and diluted shares and 3.6 million basic and diluted shares respectively.

As of September 30, 2012, we had cash, cash equivalents, restricted cash and other financial investments, net, of $26.2 million, and shareholders' equity of $64.3 million, compared with $25.9 million, and $62.3 million, respectively, as of June 30, 2012.

Amir Philips, Chief Executive Officer of Optibase commented on the results of the third quarter of 2012: “We are pleased with our year to date operating results as our operating fundamentals continued to stabilize. We continued to execute on our strategy of diversifying and upgrading the quality of our portfolio and have recently completed the acquisition of a 19.66% beneficial interest in Two Penn Center Plaza, Philadelphia for approximately $4 million. 2 Penn Center Plaza has approximately 500,000 rentable square feet and is located in the Center City neighborhood of Philadelphia opposite City Hall and Love Park. For further information, please refer to our announcement dated October 12, 2012”. Amir concluded, “We are currently involved with additional investment opportunities which we hope will materialize in the coming months.”

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